Charleston real estate market report, March 2, 2009, home prices
Charleston home prices have been under pressure for the past several months as the financial crisis took its toll and the economy worsened. Most sales activity took place at the lower end of the housing market so absent very many sales of mid and higher priced properties, the statistics will tend to make the home price declines look even worse.
Of course, sales are typically slower in the November through February period so price declines were also magnified by low activity levels. The typical home price chart might almost look like a bell curve with the lowest prices generally recorded during those 4 months with higher prices during the more active spring and summer selling season.
But ... neither are excuses for the sharply lower home prices this report will portray and with over 11,000 homes for sale in the Charleston real estate market, buyers can and are offering much less than list price putting additional pressure on home prices.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
Median home prices
Average home prices
Below is a year over year comparison of sales, inventory, absorption rate, median and average home prices by price range.
